TIMMINS, ON / ACCESSWIRE / March 5, 2020 / Golden Birch Resources Inc. (CSE:GBRX) ("Golden Birch" or the "Company") is pleased to announce the following key objectives and exploration strategy for the Company.
Highlights:
- The key commodities targeted by the Company are copper and gold;
- The exploration strategy is to discover porphyry copper-gold deposits;
- Golden Birch holds an option to acquire up to an 85% interest in the Keveri Project, located 200 kilometres southeast of Port Moresby, Papua New Guinea ("PNG");
- The Keveri Project is strategically located on the important Papuan Mobile Fold Belt, host to known copper and gold porphyry deposits;
- PNG has a stable government and competitive, transparent, and workable mining regulation;
- Golden Birch intends to further evaluate the already identified copper-gold targets within the Keveri Project with ongoing exploration work including drill testing during 2020 and beyond; and
- The Company's board and management have extensive experience in the exploration and mining industry.
Alan Martin, President & Executive Director of Golden Birch commented; "We are excited to be exploring in the Papuan Mobile Fold Belt of PNG, in line with our strategy to discover porphyry copper-gold deposits. The strategic location of the Keveri Project within this rich belt of rocks provides the Company with the opportunity to discover a porphyry copper-gold deposit that could deliver value to its shareholders".
Additional Information
Golden Birch has the right to earn 85% of the Keveri Project by way of a legally binding Term Sheet Agreement ("Agreement") with Papuan Minerals Pty Ltd (the "Vendor") dated August 24, 2018. This Agreement provides Golden Birch the right to acquire up to an 85% interest in Papuan Minerals Ltd ("PML") the holder of the exploration licences, over a six year period from March 2, 2020, the listing date of the Company. In order to acquire the 85% interest in PML, the Company needs to complete 13,000 metres of drilling and making total payments to the Vendor of AUD$5.7 million including AUD$0.9 million, paid in annual installments over the six year period and the balance of the payments in either shares or cash at the election of the Company.
Additional information regarding the Keveri Project and the Agreement with the Vendor may be found in the NI 43-101 Technical Report for the Keveri Property dated August 1, 2019 ("Independent Technical Report on the Keveri Property, Papua New Guinea", by Mr. I. Taylor, MAusIMM(CP)) found on the Company's profile on www.sedar.com.
Despite the existing discovery and development of porphyry copper-gold deposits in PNG, the Company believes that the country remains relatively underexplored. Prior to entering into the Agreement with the Vendor, there was little detailed exploration over the exploration licences that make up the Keveri Project. These licences are located in the southeastern part of the Papuan Mobile Fold Belt, a geological feature that stretches from the northwest in Irian Jaya to the southeast of PNG. A key ingredient for the development of porphyry copper-gold deposits along this important feature is the presence of northeast-southwest trending "transverse" structures and their approximate intersection with the major northwest-southeast trending fault structures (or sutures) along the Papuan Mobile Fold Belt (Figure 1). Figure 1 illustrates the location of the major copper-gold deposits along the Papuan Mobile Fold Belt at the intersection of the northeast-southwest transverse structures and the major northwest-southeast trending structures (after Garwin and Corbett). A number of these transverse structures and their intersection with the major fault structures have been identified within the licences that make up the Keveri Project.
Figure 1. Copper and Gold Deposits in Papua New Guinea. The Keveri Project is located in the southeastern part of the Papuan Mobile Fold Belt (pink shading).
Qualified Person
Mr. Ian Taylor, MAusIMM(CP) and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has approved the applicable contents of this news release.
About Golden Birch Resources Inc.
Golden Birch Resources Inc. is a mineral exploration company focused on acquiring, exploring, and developing quality mineral properties in Papua New Guinea. Core values for the Company are respect for the Community, the Landowners, the environment and operating a safe workplace for its employees. The Company is also committed to best practise standards of Corporate Governance.
For further information please visit the Company's website at www.goldenbirchresources.ca or contact:
Golden Birch Resources
Iain Martin, Chief Administrative Officer (CAO)
& Executive Director
Tel: +1 (0) 705 288 0249
[email protected]
Yellow Jersey PR Limited, London UK
Sarah Hollins
Henry Wilkinson
Emma Becirovic
Tel: +44 (0) 20 3004 9512
[email protected]
Forward-Looking Statements
This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of copper, gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Golden Birch Resources Inc.